摘要
I
摘要
2008 年国际金融危机以来，政府先后采取了以财政刺激、货币放水等为主
的政策工具进行应对，但均未能有效解决中国经济的根本问题且留下大量的风
险和后遗症。从经济运行各个维度来看，当前经济减速主要是结构性和体制性，
就目前全球经济和国内经济形势下，我国经济会经历较长时期的“L”型增长阶
段。经济的新常态是目前我国经济发展的显著特征，经济新常态的推动发展，
就是把握新常态、引领新常态作为贯穿发展全局。破解新常态的根本解决之道
在于结构性改革并最终政策指向选择以“供给侧结构性改革”。上市公司在经济
体系中，尤其是资本市场中，具有举足轻重的地位。我国经济发展转入新常态
阶段时,面对三期叠加内外部因素和环境的变化,作为中国经济的主要推动力
的上市公司显著受到影响，部分上市公司出现经营困难，在供给侧改革背景下，
该类上市公司迫切希望转型发展。政府通过鼓励上市公司通过和利用资本市场
优化重组，促使经营困难型上市公司转型发展，提高盈利能力

本文结合供给侧改革、三期叠加、经济新常态等方面进行研究，以 H 公司
为具体案例，进行剖析。从 H 公司利用上市公司平台进行资本运作，以重大资
产重组的方式并购互联网相关企业进行转型发展。其中：第一章为导论；第二
章为供给侧与转型发展理念概述；第三章为“三期叠加”对 H 公司环境变化的影
响；第四章为 H 公司转型发展的路径探索；第五章为 H 公司转型发展的保障措
施；第六章为结论与展望

本文通过梳理供给侧改革背景下，经营困难型上市公司在面对自身经营困
难及宏观经济“三期叠加”的影响下，通过分析上市公司基本情况，深入探讨经
营困难的上市公司，在经济新常态，运用上市公司为平台进行资本运作实现转
型发展。本文在全面分析供给侧结构性改革和资本运作对上市公司的影响的基
础上，提出了上市公司应该如何应对的策略。同时对于企业跨界经营等方面有
一些初步探讨。因此本课题的研究一是对其他上市公司在供给侧改革背景下如
何实现转型发展有着参考意义；二是对于其他经营困难的企业如何转型发展有
着一定的借鉴意义；三是对于上市公司的监管部门和相关决策、政策制定部门
在制定转型发展中的相关政策起到决策参考作用

关键词：新常态；供给侧结构性改革；三期叠加；上市公司；转型发展ABSTRACT
II
ABSTRACT
Since the global financial crisis in 2008, the government has implemented many
policies like fiscal stimulus, money drain, but failed to solve the fundamental
problem existed and left a lot of risks and complications. From the various
dimensions’ perspective of economic performance, the slowdown of current
economy is mainly structural and institutionalized, under current economic situation
of domestic and overseas, China&39;s economy will experience a long period of
“L-shaped” growth stage. “New normal” is a significant feature of China’s economy
at present, to make good use of “new normal”, we need to have a comprehensive
acquaintance of it and guide it to play a role in the whole process of economy
development. The fundamental solution to break the “new normal” lies in structural
reform and supply-side structural reform”. Listed company occupied a pivotal
position in economy system, especially in the capital market. China&39;s economy has
stepped into a new normal phase, facing the change of internal and external factors
brought bythe three-period superimposed, listed company, the main driving force
of China&39;s economy, are significantly affected. Under such a background, part of
them are struggling for their running and are eager to change their development
modes. By encouraging listed company to make use of optimized restructuring of
capital market, government managed driving the transformation and improving
profitability of listed company.
Based on the specific development process of H , combines with researches on
“supply-side structural reform” ， “the three-period superimposed” and “new
normal”, this paper covers the contents of H carried out capital operation by taking
the advantage of the listed company’s platform and managed transformation
development in the way of merging Internet related businesses through major asset
restructuring. The first chapter is an introduction; the second chapter is an overview
of the ideas of “supply-side structural reform” and transformation development; the
third chapter focuses on the challenges that “the three-period superimposed” postedABSTRACT
III
to H ; the forth chapter probes into the possible transform ways that H could take;
the fifth chapter presents the safeguard measures for H’s transformation development;
the last chapter is the conclusion and forecast of this paper.
This paper mainly describes that despite the influences of “the three-period
superimposed”, some listed companies who have difficulties in keeping their running
managed their transformation with the help of the platform of listed company and
capital operation. Based on the comprehensive analysis of the “supply-side reform”
and the influence of listed company’s capital operation, the author put forward the
strategies that listed company should take and makes a preliminary exploration on
crossover operation of enterprises. For most listed companies, the essay can be taken
as a reference for the transformation development under the influences ofthe
three-period superimposed ; For those companies who have difficulties in keeping
running, this essay can provide them with some ideas of managing transformation;
For the supervision department and relevant decision-making organs, the essay may
help them with their supervising and policy-making.
Key Words: Supply-side reform；the three period superimposed；
Transformation development；Countermeasures study；目 录
IV
目 录
第 1 章 导论.....1
1.1 研究背景.........1
1.2 研究意义.........2
1.2.1 理论意义...........2
1.2.2 实践意义...........2
1.3 文献综述.........3
1.3.1 国外研究现状...3
1.3.2 国内研究现状...4
1.3.3 文献评述...........6
1.4 研究思路和方法.........6
1.4.1 研究思路...........7
1.4.2 研究方法...........7
第 2 章 供给侧结构性改革与上市公司转型发展概述.........9
2.1 供给侧结构性改革概述.........9
2.1.1 供给侧结构性改革的含义.......9
2.1.2 供给侧结构性改革的内容.....11
2.1.3 供给侧结构性改革的意义.....14
2.2“三期叠加”概述..........15
2.2.1 “三期叠加”的含义.......16
2.2.2 新常态与“三期叠加”..16
2.3 上市公
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